All the aspects of life are almost digitized.

All you need to know about eInsurance.

From eMitra to ePortal of BSNL, the companies have been able to expand their user base with the fast online services.

It was the need of the hour when companies in the service industry had to shift to the online platforms for fast and better customer care.

Not leaving behind, the insurance companies have also started with the eInsurance services. Let us explore in detail what an eInsurance account is in life insurance.

What is eInsurance Account?

Electronic Insurance or e Insurance is a facility that allows the policyholder to access their life insurance policy using the digital platform. An individual may have more than one life insurance policy. Keeping a track of all these policies can at times get difficult.
To bring ease in the life of the customers and remove the hassles, IRDA introduced E Insurance Account. The users or the policyholders can register on the platform with their policy number. It allows them to monitor the growth of the policy as well as enable them to access the information as early as possible at one place.

In short, we can say that an eInsurance Account is the portfolio of the life as well as non-life insurance policy for a policyholder with all the information stored in the electronic form. The service makes life convenient for the policyholders.

Next, let us look at the ways in which you can create an eInsurance Account?

How to create an eInsurance Account?

Wish that you could store all your policy information in one place? It is possible but only if you have an eInsurance Account that allows you to quickly log-in and check all the information online. If you add or buy a new policy, the policyholder can inform the insurance company who will further add the policy details to the eInsurance Account.

Here are the ways in which you can open the eInsurance Account (eIA):

Method 1:

By completing the KYC verification, a policyholder can open an eIA online. This is a paperless process that can be completed online. By downloading the Aadhar xml file and uploading it for verification, online KYC verification can be completed. Your phone number must be linked to your Aadhar number in order to accomplish this.

Method 2:

The policyholder can tell the insurance company to form an eIA and add the policy issued to the same eIA when purchasing an insurance policy. The policyholder will have to provide proof of identity and address in the form of a Pan Card, Aadhar Card, or driver’s license.

After you have created, you must know that these are the policies that you can add to the eInsurance Account.

→ Motor Insurance Policy

→ Health Insurance Policy

→ Life Insurance Policy

One individual is allowed to have only one eIA account which indicates that eIA cannot be in joint names. There will be no charges to convert the existing policies into the electronic form. The regulator has declared in the guidelines that eIA holders do not have to pay any charges for eIA opening and any services related account and policies.

The individuals who already own an eIA, just have to inform their account number by mentioning it on the proposal submitted to the insurance company. In case, there is no account the user can request the same to the insurer. 

Under a life insurance policy, you always declare a nominee for him/her to benefit in the hour of the need. But imagine you haven’t informed anyone in the family, not even the nominee about it. 

In order to handle cases like these, the concept of Authorized Representative (AR) was introduced. This is what you must know about the AR:

Details about Authorized Representative:

  • The role of an Authorized Representative is to intimate the nominee about the insurance policy. It helps the nominee to initiate their claim processes.
  • An Authorized Representative is like a trustee who is appointed by eIA holder.
  • The authorized representative can only see the policies of the eInsurance Account holder. He/she cannot initiate any transactions.
  • The account holder is authorized to change the Authorized Representative anytime.

Benefits of eInsurance Account.

Time has changed and the mindsets have evolved.

Last time when did you hear or experience that the traffic policemen caught a driver and asked for the hard copies of the vehicle documents?

Isn’[t that rare! It is because universally individuals have begun to accept the soft copies or the electronic version of the documents.

Similarly, eIA helped people by storing the soft copies of all the insurance policy documents. It saves the policyholder from the hassle of losing or misplacing the policies. Let us read some more benefits of eInsurance Account.

  • Zero cost: The Indian insurance regulator has introduced the eIA at no cost to policyholders. Insurance companies have now become paperless and have achieved a higher level of digitization in the insurance buying and claims settlement processes.
  • Anytime access: An eIA can be accessed from anywhere and at any time as it is digital in nature. There is no need for policyholders to be concerned about misplacing or losing their insurance policy copy. When necessary, you can download a copy of the policy.
  • Faster claims with e-Policy: The policies are in electronic form which keeps the document as well as the information it contains safe. There is no trouble in filing the claim.
  • Update the changes: It is convenient to change the details in the policy as all the documents are available online.
  • Easy tracking of the documents: All the policies are stored in one place which makes it easy to track for the policyholder.
  • Quick updates: Once you have your eInsurance Account, you can do these:
  1. Know when is the next renewal due
  2. What will be the premium for the policy
  3. Edit the policy details, update the nominee details
  4. Pay premium through the eIA account only.

Conclusion:

eInsurance Accounts are for the benefit of the policyholders, They have all the information stored in one place which reduces the chances of skipping any renewal also. The idea is to benefit the nominee of the policyholder because ultimately a life insurance policy is to offer financial security to them. You can convert the current physical copy of your insurance policy in the electronic format or can request your insurer to issue a soft copy for you. For more information, contact your financial advisor.